Car industry is the Romanian economy’s engine

The local car industry is one of the main growth drivers for the Romanian economy, hiring more than 150,000 people and contributing 47% to the country’s exports in 2016, according to a study by the credit insurance firm Euler Hermes. Retail and IT are the other two sectors driving the local economy up. The Romanian car industry grew by 9% in 2016 over the previous year, while the global average advanced by 1.6%. Most of the growth comes from manufacturers of car parts and components. Some 514,000 cars were registered in Romania last year, up 17.4% over 2015. Of the total number, some 115,000 were new cars. The financial leasing market rose by 25% in 2016 to EUR 2 billion. Cars and light commercial vehicles accounted for almost 77% of the amount, according to the study. The car sector’s total turnover exceeded EUR 20 billion in 2016, driven by exports. The local market is relatively small and focused on used cars. The main car companies in Romania are Dacia, with a EUR 4.2 billion turnover in 2015, Ford, with a EUR 0.8 billion turnover, and Volkswagen, with a EUR 0.4 billion turnover. editor@romania-insider.com